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Tax Minimization in 2020 and Beyond

As the coronavirus spread, the government stepped in with unprecedented economic interventions, from direct payments to Americans, to relief for businesses. While these measures may be necessary to mitigate the damage done by the virus and the economic shutdown, they’ve also resulted in a ballooning of the national deficit.[1] U.S. government debt could soon rise to 130% or 140% of gross domestic product, as compared to last year when it was around 100%.[2] Many experts predict [...]

2020-05-17T17:50:20+00:00May 17, 2020|Tax Strategies|

3 Unprecedented Measures During the Coronavirus Pandemic

We're living in unprecedented times, and the government is taking unusual steps to mitigate the economic damage done by the coronavirus. Strict measures are in place, like canceling events of more than ten people, closing bars and restaurants, and restricting travel. And while these mean to help from a public health standpoint, they're having a crippling effect on the economy. The Federal Reserve and the government are working to improve both the economy in general and [...]

2020-04-07T17:20:28+00:00April 5, 2020|Economy, Financial Planning, Tax Strategies|

Should You Pay Taxes Now or Later?

No one can fully escape taxes, but you do have some say in when you pay them. Different types of retirement income are taxed at different times. Orchestrating these sources in retirement can take some work, as the rules for each differ. Under the umbrella of tax-advantaged income sources, there are those that require taxes to be paid now, and others that require taxes to be paid later. While this may seem unimportant, it can make [...]

2020-03-02T18:12:26+00:00March 2, 2020|Tax Strategies|

3 Ways a Financial Advisor Can Help You With Tax Strategies

They say there’s no such thing as a free lunch, but what about a tax-deductible lunch? While many of your income sources can be taxed, there are strategies to minimize your overall tax burden before and in retirement. One of the advantages of going to one professional for all of your financial planning needs is that everything from investment strategies to Social Security Maximization to income planning works together in one overall plan. Some advisors can [...]

2020-02-24T23:33:28+00:00February 24, 2020|Tax Strategies|

Why You Might Need to Adjust Your Withholding

One truth becomes apparent at tax time: Taxes are complicated. Even if the tax code were to never change, your bracket, filing status, or withholding might. Common life events like marriage, divorce, and your children leaving the nest can mean that you need to adjust your withholding. Knowing when to adjust your withholding is an important thing to understand about taxes in retirement: If too much money is withheld, you’ll have to wait until after you [...]

2020-02-11T01:47:57+00:00February 11, 2020|Tax Strategies|

Reminder: 4 Important Things To Do by December 31st

You might have a Christmas to-do list to help you stay on track this holiday season. And while it may be an overwhelming list already, there are a few important financial deadlines you should add to it. It’s the season of giving, so don’t forget to give yourself the gift of tax planning. What you do before the end of the year might be more important than what you do between January and April 15th. These [...]

2019-12-17T22:05:07+00:00December 16, 2019|Financial Planning, Tax Strategies|

Strategies to Help Reduce Your 2019 Tax Bill

Your holiday season might be full of social plans, shopping, and traveling, but it’s important to take time to make important financial decisions before the end of year. Even though April 15th seems far away, the decisions you make now can potentially affect your 2019 tax situation. There are strategies to help reduce your 2019 tax bill before the end of the year, so don’t forget about your finances in the midst of a busy holiday [...]

2019-12-02T22:10:03+00:00December 2, 2019|Tax Strategies|

4 Things to Understand About Taxes in Retirement

There are probably a few surprises in store for you in retirement, but your tax burden shouldn’t be one of them. Even if you don’t receive a paycheck anymore, it doesn’t mean you can’t have a plan to help minimize taxes in retirement. By understanding how different types of income are taxed, you can develop income planning strategies that work to lower your taxes throughout retirement. Start with these 4 things to understand about taxes in [...]

2019-10-28T16:59:19+00:00October 28, 2019|Tax Strategies|

Will Your Tax Burden Decrease in Retirement?

Most people don’t expect their taxes to disappear in retirement, but they may assume they’ll decrease substantially. However, this may not be the case. Between collecting Social Security, interest, dividends, and Required Minimum Distributions, your retirement income could be substantial. All of these types of income can be subject to tax, and there are strategies to help minimize those taxes. Before you retire, it can help to find out if your tax burden will decrease in [...]

2019-09-23T23:41:32+00:00September 23, 2019|Retirement, Tax Strategies|

When it Comes to Taxes, Plan for Your Future Self

Retirement is a major event that can drastically change your day-to-day life, your financial strategies, and even your tax burden. Retirees may no longer receive taxable income from an employer, but they will likely receive income from other sources which can be taxed. This is why when it comes to taxes, it’s important to help plan for your future self. Now vs. Tomorrow Right now, many people are enjoying relatively low tax rates: In 1944 the [...]

2019-08-19T16:16:10+00:00August 19, 2019|Tax Strategies|
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